Archway Fund has financed a $4,100,000 refinance loan secured by a 13.5-acre development site located in West Valley City, Utah, the second largest city in Salt Lake County. The site includes a vacant big box retail building, 3 smaller occupied retail buildings, 2.3 acres of raw land, and 4 to 5 additional pads. Sponsor was under contract with a multi-family developer to purchase the property, and was looking to recoup some cash and refinance at a lower rate, while bridging the gap until the property sold.
Archway Fund was able to close quick with no appraisal required, provide cash-out with minimal 3rd party reporting, and gave borrower a certainty of close.
Loan Details: $4.1M loan, 12-months, 59% LTV
Please contact Marissa Wilbur or Tom Noble for any new loan submittals.